IonQ (NYSE:IONQ) Shares Climb 6.8% – Still a Buy?

IonQ, Inc. (NYSE:IONQ)’s share price shot up 6.8% during mid-day trading on Tuesday. The stock traded as high as $30.19 and last traded at $30.0790. 17,277,274 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 24,401,600 shares. The stock had previously closed at $28.17.

IonQ News Summary

Here are the key news stories impacting IonQ this week:

• Positive Sentiment: South Korea plans to integrate its national supercomputer with an IonQ quantum system, a potential sign of growing institutional adoption. South Korea to Integrate National Supercomputer with IonQ Quantum System
• Positive Sentiment: IonQ’s second-quarter revenue grew 287%, and its completed acquisition of SkyWater Technology gives the company more control over chip manufacturing—supporting the growth and strategic rationale investors may be focusing on. 2 Unstoppable Quantum Computing Stocks to Buy Hand Over Fist Before the Next Rally
• Neutral Sentiment: B. Riley lowered its price target to $75 from $100 but maintained a Buy rating. The cut tempers the bullish outlook, while the retained rating signals continued analyst support. Could IonQ Actually Climb 162%? Or Is B. Riley Totally Wrong?
• Negative Sentiment: IonQ shares had fallen 32% over the prior month as quantum stocks gave back gains. Broader weakness in technology shares and reduced appetite for speculative growth investments remain headwinds for the sector. IonQ Just Dropped 32% In a Month: Is IONQ Stock Hopeless or Ready for a Rebound?

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $70.00 target price on shares of IonQ in a report on Wednesday, September 9th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of IonQ in a report on Tuesday, October 13th. Benchmark reissued a “buy” rating and issued a $60.00 price objective on shares of IonQ in a research report on Thursday, August 6th. B. Riley Financial reduced their price objective on IonQ from $100.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 target price on shares of IonQ in a research report on Wednesday, September 9th. Ten equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, IonQ presently has an average rating of “Moderate Buy” and a consensus price target of $64.23.

IonQ Stock Up 6.8%

The company has a market cap of $12.92 billion, a PE ratio of -6.45 and a beta of 3.36. The business’s 50 day moving average price is $37.86 and its 200-day moving average price is $41.98.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.23. The business had revenue of $80.05 million for the quarter, compared to analysts’ expectations of $66.47 million. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The business’s revenue for the quarter was up 286.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.70) earnings per share. Equities analysts expect that IonQ, Inc. will post -2.96 earnings per share for the current year.

Insider Transactions at IonQ

In other IonQ news, insider John Raymond sold 2,407 shares of the business’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $37.21, for a total value of $89,564.47. Following the transaction, the insider owned 77,741 shares in the company, valued at $2,892,742.61. The trade was a 3.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.55% of the stock is owned by company insiders.

Institutional Trading of IonQ

Large investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in shares of IonQ in the second quarter worth about $1,112,945,000. Bank of America Corp DE purchased a new position in IonQ in the second quarter valued at about $344,757,000. Bank of New York Mellon Corp purchased a new position in IonQ in the second quarter valued at about $113,863,000. Legal & General Group Plc acquired a new stake in IonQ during the 2nd quarter valued at approximately $82,126,000. Finally, Deutsche Bank AG acquired a new stake in IonQ during the 2nd quarter valued at approximately $27,836,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

IonQ Company Profile

IonQ, Inc (NYSE: IONQ) is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.

The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.